OPEC Plans to Raise its Oil Production Quota: Sources

The Organization of the Petroleum Exporting Countries plans to raise its oil production quota for the first time in several years, OPEC sources tell CNBC ahead of the cartel's meeting in Vienna on Wednesday.

AP

The amount by which the quota will be raised is still under discussion, these sources said.

Separately, Dow Jones reported that the committee will recommend that OPEC boost oil production, but there is uncertainty among the producers' group due to a weakening economic outlook and continuing Mideast strife. The report said an increase of 1 million to 1.5 million barrels a day will be suggested.